OIL: Angola Sells Half of June Cargoes while Nigeria Sales Slow
Angola has sold almost half of its crude for June loading, while Nigeria has yet to clear cargoes for this month, according to Bloomberg.
- Around 20 Angolan cargoes of 37 for June have yet to find buyers, leaving around 54% unsold with two weeks left before July deals open.
- In contrast, very few Nigerian barrels for June have sold this week, with a May overhang yet to clear.
- Nigeria’s unsold overhang in May was estimated at around 25-27 on April 22.
- Nigerian crude demand is lower due to European refinery maintenance, according to Kpler.
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MNI: US Payrolls Preview: Does Prior Household Survey Weakness Hint At A NFP Miss?
We have published and e-mailed to subscribers the MNI US Payrolls Preview. Please find the full report including MNI analysis and views from 17 analysts here: https://roar-assets-auto.rbl.ms/files/60666/USNFPApr2024Preview.pdf
UK: Latest YouGov MRP Puts Labour On 400+ Seats, Conservatives Below 1997 Low
Pollster YouGov has released its latest MRP opinion poll in what will make difficult reading for the gov't of PM Rishi Sunak. An MRP poll is viewed as more in-depth than a normal opinion poll as it seeks to make projections for each fo the 650 seats in the House of Commons. Should the latest MRP be reflected in the next general election it would represent an even worse result for the governing centre-right Conservatives than that of 1997, seen as an historic nadir for the party.
- YouGov (seat projection): Labour: 403 (+201), Conservatives: 155 (-210), Liberal Democrat: 49 (+38), Scottish National Party: 19 (-29), Plaid Cymru: 4 (=), Greens: 1 (=), Reform UK: 0 (=). Chgs w/ 2019 election. Fieldwork: 7-27 March, 18,761 respondents.
- The results are worse for the Conservatives than the January MRP, which had the party on 169 seats compared to Labour's 385.
- Recent weeks have seen intense Westminster speculation about the prospect of a leadership challenge to Sunak in a last-ditch effort to turn around the poor polling numbers. The likelihood of such a challenge remains low (the 2 May local elections could be a trigger), but this MRP will further embolden Sunak's critics.
- Any change in Conservative leader (and therefore PM) would garner significant political headlines, but would be unlikely to notably change fiscal policy in the time avaliable ahead of the election.
US: President Biden To Deliver Remarks Shortly
US President Joe Biden is shortly due to deliver remarks at the White House on "lowering health care costs." LIVESTREAM
- The speech is Biden first public remarks since yesterday's call with Chinese President Xi Jinping and two actions this week which have further strained US-Israel relations: An airstrike which killed an US-Canadian aid worker in Gaza and the killing of a high ranking Iranian Revolutionary Guards Corp commander in Damascus. The President may choose to address some of these issues in ad hoc remarks at the top of the speech or in a back-and-forth with reporters at the end.
- Biden said in a statement yesterday on the air strike which killed seven aid workers: "Israel has not done enough to protect aid workers... Incidents like yesterday’s simply should not happen. Israel has also not done enough to protect civilians."
